Government launches new fund to support small business growth

TIGA, the network for games developers and digital publishers and the trade association representing the video games industry, has welcomed a new Government fund which will support small business growth.

The new £8 million Business Basics Fund will help more small businesses adopt tried and tested technologies. The fund, run by BEIS in partnership with Innovate UK, will help businesses, charities, trade organisations and public sector organisations support small businesses in adopting tried and tested technologies and management techniques.

The Small Business Minister, Andrew Griffiths MP, said that the move would give small businesses “the tools and support they need to continue to thrive”.

Research from the CBI suggests that by encouraging more businesses to take advantage of leading technologies, management practices and business support services – such as cloud computing, mobile technology and e-purchasing – the UK economy could receive a £100 billion boost and see a 5 per cent reduction in income inequality.

The fund forms part of the Government’s Industrial Strategy, which aims to build an environment which would make the UK the best place in the world to do business.

Dr Richard Wilson OBE, Chief Executive Officer of TIGA, stated:

“TIGA welcomes the Government’s support for small businesses. 95 per cent of video games developers are small or micro businesses, so this measure is potentially important for our industry.

“Supporting small businesses will help the video games industry build upon its world leading reputation. Our studios often find it difficult to secure finance in order to fund their growth and this measure could help to ameliorate this problem.

“We look forward to continuing our work with policy makers to ensure that the video games industry has the best possible environment to build upon its success.”